Apple are expected to ship 111.4 million phones in 2012, according to investment firm Susquehanna. They also estimate that Apple will ship 30.3 million phones this quarter, up from the original claims of 27.1 million.

The iPhone 4s has had huge demand since it was launched, not a surprise for an Apple product, but even it is besting the initial estimates by industry experts. There are reports that Apple have managed to fix some supply chain problems they were experiencing in recent months. The success has led Apple to increase their product rate, heading into Q1 2012.

Jeffrey Fidacaro, analyst with the firm said in a release note “Demand appears solid as iPhone 4S continues to ship in one to two weeks online and stores are generally sold out for in-store reservation and pickup (still hoping Santa has a few left). These factors, combined with positive color from Best Buy and AT&T, led us to increase our iPhone shipment forecast for North America and modestly for Western Europe and Asia Pacific.”

Kitguru says: Sales are expected to thrive until stronger rumours hit the mainstream press closer to iPhone 5 launch time. This effectively stops some consumers purchasing the current generation phone, as they wait for the new product to hit retail.